The Free State High Court (Bloemfontein) has reserved judgment in a bid by the directors of a Gupta-owned company in business rescue to be allowed to represent their group legally, reports Fin24.

In August, the same court ruled that the directors of Islandsite Investments 180, which is in business rescue, could not oppose a restraint order without the approval of the company's business rescue practitioners.

A restraint order allows a court to freeze the assets of a company.

According to the NPA, Islandsite 180 belongs to Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta.

At the time, the court ruled that Islandsite's directors, including Gupta business associate Ronica Ragavan, had ‘no standing’ to oppose the restraint order. It said that business rescue practitioners Kurt Knoop and Johan Kloppers were the only ones who could represent the group.

Ragavan then applied for leave to appeal the decision. This matter was heard on Friday. The NDPP argued that the question of who is legally allowed to represent Islandsite Investments 180 has already been settled. The group's business rescue practitioners had denied Ragavan authorisation to represent the group, it said, meaning she had no legal standing to bring the application.

The state also argued that Ragavan's application was ‘hopelessly out of time’ and that no reasonable explanation had been given for the delay.

Full Fin24 report